- February 5, 2018
- Posted by: CA Parul Gupta
- Category: Income Tax
INCOME TAX EXEMPTION UPDATES
For FY:17-18 (A.Y. 2018-19)
|INVESTMENT (SECTIONS)||AMOUNT OF DEDUCTION|
| 80 C:- Max limit
(Life Insurance Premium, MF, FD, NSC, PPF, Home Loan Principal, etc.)
|80CCD:- (National Pension System)||50000/-|
|80CCG|| 25000/- or 50% of your investment
whichever is less
|80D (Mediclaim Policy for self, spouse, children)
|80D (Health Insurance Premium): For Self, Spouse, Dependent Children and Parents(whether dependent or not)
|25000/- or 30000/-|
|80TTA||Up to 10000/- for Interest saving bank account|
|Gift tax:- Above 50k full amount taxable (FY) from other than Blood relation. Gift from Blood relation is 100% Exempted.
|Exempted upto 50000/-.|
|Transport allowance||19200/- (FY)
C.E.A. :- 2400/- (FY)
|24(b):- (home loan interest: even if you have multiple house the limit is still going to be Rs 2 Lakh only and the ceiling limit is not per house property)
|80G:- full amount in few selected organization||Exemption is 50%.|
|80GGB||100% exemption for political parties|
(interest on education loan)
|80U (in case of taking care of a Handicapped depends)..||75000/-|
- 80DDB:- Medical expense occurred on dependent for specified illness.
- HRA:- as per the calculation.
- 80GG:- Section 80GG is applicable for all those individuals who do not own a residential house & do not receive HRA (House Rent Allowance).